Autumn Statement 2016: Missed opportunity to simplify UK pensions

Missed opportunity to simplify UK pensions

David Fairs, Pensions Partner, KPMG UK comments on today’s Autumn Statement.

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David Fairs, Pensions Partner, KPMG UK said: 

“We are pleased that this statement has not introduced additional complexities but it is also a missed opportunity to simplify our incredibly complex pensions’ tax system. Consumers are faced with a bewildering range of options and rules. The launch of the NS&I bond presents yet another savings option alongside pensions and lifetime ISAs which are competing for retirement savings. If we want an effective savings policy we need to significantly simplify savings products and the tax framework.

“Reducing the money purchase annual allowance after drawdown is a sensible measure to stop abuse but a challenge for those who started to take their pensions expecting to be able to make further savings of £10,000. This is a technical change to an already complex system.”  

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For further information please contact:

Christina Bridge, KPMG Corporate Communications

T: 0207 311 4252

M: 07789 504905

E: Christina.Bridge@kpmg.co.uk

KPMG Press office

Tel: +44 (0) 207 694 8773

About KPMG

KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 12,000 partners and staff.  The UK firm recorded a revenue of £1.96 billion in the year ended September 2015. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 174,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.  Each KPMG firm is a legally distinct and separate entity and describes itself as such. ng for the next two years.

Autumn Statement 2016

Autumn Statement 2016

The Autumn Statement took place on 23 November. KPMG's coverage is available from this hub.

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